VTTI announces plan to build a new oil product terminal and make Cyprus a major regional oil trading hub

Vitol Tank Terminals International (“VTTI”), today announced plans to build a major oil import and distribution terminal in the industrial area of Vassiliko, Cyprus.

The terminal, which is set for completion in 2012, marks an initial investment of more than €100 million in the Cyprus economy and will establish the island as a major oil trading hub in the region.

Built to world class standards, with the highest safety and environmental standards in place, it will be 100% owned, funded and operated by VTTI and will provide around 340,000 cubic metres of storage for gasoline, diesel, jet fuel and fuel oil.

VTTI has extensive experience of building and managing oil terminals, with a network of 11 terminals in five continents, including a major new terminal in Florida, USA, which opened in April 2010. In Europe, VTTI has major terminals in Rotterdam, Amsterdam, Antwerp and Ventspils, Latvia.

Speaking about the new Vassiliko terminal, CEO of the Vitol Group Ian Taylor said: “We are pleased to be proceeding with this project. This is an important project for Cyprus. While global trading conditions remain challenging, a world class terminal built and operated in a professional way, will provide jobs and potential for long term investment. The terminal will play an important part in supplying regional markets to meet growing energy demand, as well as supplying the local market in Cyprus.

“VTTI has been evaluating a number of countries before deciding where to invest for an Oil Terminal. Cyprus geographical location and its membership of the EU, is the right place for this project and we look forward to developing our business here. We would like to thank the President of the Republic and the Government of Cyprus, for their continuous support for this project".

Work is scheduled to start on the Vassiliko facility in the next few months. In addition to storage tanks, a jetty will be constructed to handle seagoing vessels.

Oil products will arrive at the new terminal from the international oil markets and current plans for the terminal are focused on re-exporting to regional markets, as well as supplying the inland market in Cyprus.

VTTI has a proven track record in the successful operation of terminals and the company has already made it clear that it intends to make a number of investments in key local projects to provide additional benefits for the community.

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Koch Carbon Earns Top Safety Designation

Koch Carbon, LLC’s petroleum coke handling facility was awarded the California Voluntary Protection Programs (VPP) STAR yesterday for its outstanding safety and operational record and programs.

“To achieve STAR status, it takes employee enthusiasm, safety awareness, and genuine management commitment to employee well being,” said Iraj Pourmehraban, Cal/OSHA VPP area manager. “I commend Koch Carbon for its excellent work and dedication to workplace safety at its Long Beach facility.”

The California VPP STAR recognizes employers and their employees who have voluntarily implemented safety and health programs that effectively prevent and control occupational hazards. The programs go beyond minimal regulatory standards and provide the best feasible protection at the site. Cal/OSHA VPP STAR establishments are considered to be leaders in the field of workplace safety and health.

Koch Carbon operates a dry bulk facility within The Port of Long Beach. The facility is used to export petroleum coke and prilled sulfur. Materials are produced by local refineries and trucked to the Koch Carbon facility for export via ocean going vessels. Storage silos on site are used to stage petroleum coke prior to loading. Koch Carbon has a contract with American Plant Services (APS) to provide operations labor at the facility. Both Koch Carbon and APS were awarded STAR status with Cal/OSHA.

This is a really great and well deserved distinction for Koch. Check out the article.

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Galoc Oil Field

BusinessWorld Online is reporting that production has resumed at Galoc field in northwest Palawan. Operations were suspended in June due to bad weather.


The Galoc oil field is estimated to contain 10 million barrels of oil, and produces between 12,000 and 14,000 barrels per day. Crude oil from Galoc is expected to generate foreign exchange savings for the country worth over a billion dollars during its lifetime. The oil field’s production is 6% of the country’s total demand of 300,000 barrels.


Vitol has a 68.6 percent stake in GPC along with Otto Energy with 31.4 percent.